These would include the risk of Kenya being locked out of the global financial system, a move whose effects he termed as adverse.

“The requirement to report any transactions above USD 10,000 (KSh 1 million) or equivalent are contained in the requirements and provisions of the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA) which was effected in 2010,” he said.

Njoroge also said the country was particularly vulnerable because of its geography, advanced banking and financial sector as well as its characteristics of a largely cash-based economy.